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Chapter #3 Strategic HRM and the HR Scorecard

Chapter #3 Strategic HRM and the HR Scorecard. HR must develop systems. that support the firm’s mission statement strategic goals and direction By hiring, firing, training etc. Steps in the Strategic Process. Step 1 Vision, mission Step 2 SWOT Step 3 Translate mission to goals

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Chapter #3 Strategic HRM and the HR Scorecard

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  1. Chapter #3Strategic HRM and the HR Scorecard

  2. HR must develop systems • that support the firm’s mission statement • strategic goals and direction • By hiring, firing, training etc.

  3. Steps in the Strategic Process • Step 1 Vision, mission • Step 2 SWOT • Step 3 Translate mission to goals • Step 4 Formulate strategy to achieve goals • Step 5 Implement strategy • Step 6 Evaluate performance

  4. Levels of Strategic Planning • Corporate level • Diversification • Vertical integration • Consolidation • Geographic Expansion • Business level • Define competitive advantage • Cost Leadership – Wal*mart • Differentiation - Volvo • Focuser - Ferrari

  5. Strategic Fit • Structure must follow strategy • All activities must support strategy • Look page #78

  6. HR provides competitive advantage • Hiring right • Training • Motivating • Inspiring commitment • Policies and practices

  7. HR strategic role cont. • To identify the human issues vital to business strategy U of Michigan study • HR is a partner not a cost center • Study of CEO’s • HR execs need strategic skills and business knowledge!!!!!!!

  8. High Performance Work Systems • Idea is to create HPWS • HR must understand what competencies are need and know how to train and hire to acquire them. • LOOK # 85 (Comparing high and low performance)

  9. The HR Scorecard Approach • Creates bottom line value • Measurable • Metrics (quantitative standards

  10. You must have 3 types of information • Know strategic goals • Match employee behavior to goal attainment • Must have metrics or standards to measure by • Look # 88

  11. Seven Step Approach • Step 1 - Define business strategy • Step 2 Outline value chain • Step 3 Identify outcomes or org. goals • Step 4 Identify competencies needed • Step 5 Identify polices, training programs • Step 6 Design a measuring system • Step 7 Continually evaluate ( Page # 92)

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